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Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill, both at June 30, 2020 and December 31, 2019, was $73,045,000. There was no goodwill acquired or disposed of during the three or six month periods ended June 30, 2020 and 2019.

We completed our most recent goodwill impairment testing during the fourth quarter of 2019 and determined that there was no impairment in the value of the asset as of December 31, 2019. The future potential impacts of COVID-19 on the operating results of our reporting units are uncertain, as we continue to monitor the global economic volatility. However, we remain committed to our strategic plan to realize our long-term forecasts. As a result of our analysis, and in consideration of the totality
of events and circumstances, we did not identify any triggering events of impairment during the first and second quarters of 2020.

No impairment loss in the value of goodwill was recognized during the three or six month periods ended June 30, 2020 and 2019. Additionally, there was no accumulated impairment related to goodwill at June 30, 2020 or December 31, 2019.

Intangible Assets

The following is a summary of intangible assets excluding goodwill recorded as intangible assets on our Unaudited Condensed Consolidated Balance Sheets:
 
 
June 30, 2020
 
December 31, 2019
Intangible assets subject to amortization
 
$
20,259

 
$
22,440

Indefinite-lived intangible assets(1)
 
3,639

 
3,639

Total
 
$
23,898

 
$
26,079

(1) Indefinite-lived intangible assets are comprised of state insurance and agent licenses, as well as perpetual software licenses.

Intangible assets subject to amortization consisted of the following:
 
 
Weighted-average remaining amortization period (in years)
 
Gross carrying amount
 
Accumulated amortization
 
Net carrying amount
June 30, 2020
 
 
 
 
 
 
 
 
Value of business acquired
 
—
 
$
42,788

 
$
(42,788
)
 
$
—

Agency agreements acquired
 
6.5
 
34,661

 
(17,434
)
 
17,227

Trade names acquired
 
3.8
 
6,381

 
(3,349
)
 
3,032

Total
 
 
 
$
83,830

 
$
(63,571
)
 
$
20,259

 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
 
Value of business acquired
 
—
 
$
42,788

 
$
(42,788
)
 
$
—

Agency agreements acquired
 
6.8
 
34,661

 
(15,658
)
 
19,003

Trade names acquired
 
4.3
 
6,381

 
(2,944
)
 
3,437

Total
 
 
 
$
83,830

 
$
(61,390
)
 
$
22,440



No impairment in the value of amortizing or non-amortizing intangible assets was recognized during the three and six months ended June 30, 2020 and 2019.

Amortization expense of our intangible assets was $1,044,000 and $1,365,000 for the three months ended June 30, 2020 and 2019, respectively. Amortization expense of intangible assets was $2,181,000 and $2,704,000 for the six months ended June 30, 2020 and 2019, respectively.

Estimated amortization expense of our intangible assets to be recognized by the Company during the remainder of 2020 and over the next five years is as follows:
Year ending December 31,
 
Estimated Amortization Expense
Remaining in 2020
 
$
2,086

2021
 
3,555

2022
 
3,246

2023
 
3,246

2024
 
2,640

2025
 
2,438